Gold - June 10, 2020 - HDFC Securities

Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded higher on Wednesday with international spot gold prices gained to $1719 awaiting US FOMC decision.

Gold futures at MCX for August traded higher by Rs. 111 to Rs. 46705 with strong international gold prices with marginal gains in rupee as spot rupee was trading around 1 paisa stronger for the day.

Gold prices traded higher along with equity indices as traders and investors adopted cautious approaches ahead of US FED comments. The two day US FOMC meeting will end today as the market is expecting US FED will continue the stimulus measures and will add some more details to it.

We expect gold prices to trade sideways to up with MCX Gold August support at Rs. 46400, resistance at Rs. 46900.

Source : Equity Bulls

Keywords